NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
These condensed consolidated interim financial statements of the Company for the period ended June 30, 2022 have been prepared by
management and have not been subject to review by the Company's auditors.
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)
June 30, 2022
March 31, 2022
(audited)
$
$
Assets
Current assets
Cash
6,007
74,670
Amounts receivable
2,640
4,474
Prepaid expenses
10,680
15,201
19,327
94,345
Exploration and evaluation assets (note 3)
8,685,246
8,582,099
8,704,573
8,676,444
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities
4,213,111
3,976,109
Due to related party (note 5)
638,748
582,043
Loan payable (note 6)
40,963
39,135
4,892,822
4,597,287
Shareholders' equity
Share capital (note 7(a))
18,366,800
18,366,800
Reserves (note 7(c))
3,062,887
3,062,887
Deficit
(17,617,936)
(17,350,530)
3,811,751
4,079,157
8,704,573
8,676,444
See accompanying notes to the condensed consolidated interim financial statements
Nature and continuance of operations (note 1)
Commitments (note 12)
Approved by the Board of Directors and authorized for issue on August 29, 2022
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Three Months Ended June 30,
20222021
$$
Operating costs and expenses
Consulting (note 4)
Corporate development and investor relations Interest expense (note 5)
Management fees (note 4) Office and miscellaneous Professional fees
Share-based compensation (note 4) Shareholder communications Trust and filing fees
Loss from operations
Foreign exchange gain (loss)
Net loss and comprehensive loss for the period
Weighted average number of common shares outstanding
Basic and diluted loss per share
-
2,655
2,669
2,901
62,313
53,986
103,394
69,998
11,624
3,954
14,070
-
-
160,735
2,250
-
5,904
4,665
(202,224)
(298,894)
(65,182)
(3,814)
(267,406)
(302,708)
165,324,750
139,538,998
$
(0.00)
$
(0.00)
See accompanying notes to the condensed consolidated interim financial statements
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)
Three Months Ended June 30,
2022
2021
$
$
Cash provided by (used for):
Operating activities
Net loss for the period
(267,406)
(302,708)
Items not involving the use of cash:
Interest accrual
62,313
53,986
Foreign exchange
65,182
473
Share-based compensation
-
160,735
(139,438)
(87,514)
Change in non-cash working capital:
Amounts receivable
1,834
(313)
Prepaid expenses
4,521
Accounts payable and accrued liabilities
131,581
84,173
(1,975)
(3,654)
Investing activities
Exploration and evaluation assets
(94,929)
(6,206)
Financing activities
Advances from related party
28,241
9,637
Increase (decrease) in cash
(68,663)
(223)
Cash, beginning of the period
74,670
344
Cash, end of the period
6,007
121
See accompanying notes to condensed consolidated interim financial
statements
Supplementary disclosure: Refer to note 8.
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Galore Resources Inc. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 08:53:06 UTC.
Galore Resources Inc. is a Canada-based junior mineral exploration company. The Company is involved in the acquisition and exploration of mineral property interests in North America. The Company's Dos Santos project is a gold exploration project located in northern Zacatecas State, Mexico. The Company has a 100% interest in the Dos Santos project, which covers around 15,000 hectares (37,065 acres) of mineral claims. The Dos Santos project covers a geologically attractive area in the Concepcion del Oro Mining District with the potential to host world-class gold-silver-lead-zinc mineral deposits. The Dos Santos project's main targets include El Alamo, San Jose, Los Gemelos and La Palma. The main area of gold mineralization at El Alamo measures over 500 meters long and up to 110 meters wide. The San Jose area is located at the East Margin of El Alamo Ridge, and it shows a continuous gold anomaly along the northern portion of the Dos Santos. Its subsidiary is Minerales Galore, S.A de C.V.